Financial Reporting

Stay compliant

Financial statements provide an overview of a company’s performance for the year. Shareholders rely on this report to see the value of their investments and the performance of its directors.  Be it a dormant company or small company with little or no activity, or SMEs with substantial transactions, companies are required to prepare their Financial Statements in accordance to Singapore Financial Reporting Standards (“SFRS”) and International Financial Reporting Standards (“IFRS”).

This may be a daunting task for some as they lack the manpower and/or expertise to draft financial statements in accordance to the latest financial reporting standards.  Partnering with AccountServe would help in this area as our team of professional accountants is qualified to draft, prepare and review your company’s financial statements.

If your company qualifies for audit exemption, you will be required to prepare unaudited financial statements in accordance to the Companies Act and Singapore Financial Reporting Standards (“SFRS”), for the purpose of filing the Company's annual tax returns to IRAS and annual returns to ACRA.

The format is similar to an audited financial statement except that audit opinion is not included.

Helping you comply

AccountServe’s team of chartered accountants are ready to provide reliable support to your growing firm in meeting its compliance needs.

	Financial Statements
	Prepare Unaudited Financial Statements in accordance to Singapore Financial Reporting Standards (“SFRS”) or International Financial Reporting Standards (“IFRS”) Draft mock financial statements for audit requirements
	Reporting package
	Customise reporting package tailored to your chart of accounts Complete management accounts
	Review of management accounts
	Review accounting policies to ensure up-to-date compliance Review transaction entries for correctness
	Consolidation
	Prepare Group Consolidated Accounts and/or Financial Statements with multiple subsidiaries:
	Set up consolidation worksheet Prepare group consolidated accounts Prepare group unaudited financial statements in accordance to Singapore Financial Reporting Standards (“SFRS”) or International Financial Reporting Standards (“IFRS”)
	Consolidation accounting is the process of combining the financial results of several subsidiary companies into the combined financial results of the parent company. Consolidated accounts provide a comprehensive view of the financial position and performance of the group. This consolidated view provides important information of the group to investors and for other business purposes. We also assist in the preparation of consolidated accounts post mergers, acquisitions, and restructuring of group of companies.

Audit Exemption Criteria

The audit exemption criteria introduces the concept of “small company” and “small group” classifications in determining if a company/group qualifies for audit exemption for a particular financial year.

The criterion stipulates that a company qualifies as a small company and is exempted from statutory audit if it is a private company and meets at least two out of three of following criteria:

• Total revenue ≤ S$10 million
• Total assets ≤ S$10 million
• Number of employees is ≤ 50

A small group is one that meets at least two out of the three quantitative criteria mentioned above on a consolidated basis, for the last two consecutive financial years.

GUIDE TO AUDIT EXEMPTION

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Resources:

Audit exemption brochure